Marketing your Rental Property in 10 Easy Steps

Finding a high-quality Tenant begins with effective marketing of your rental listing.

What do we mean by effective marketing?

It’s the process of attracting your ideal Tenant.  Anyone can post a Listing on Facebook and Kijiji, but there’s a process involved in creating a high-quality Listing that will attract the right Tenant, not just any Tenant. 

Our 10-step guide to Marketing your Rental Listing

1. Prepare the Property

You want your rental unit to be appealing to potential Tenants and stand out from other rental listings on the market. Always remember that the quality of the property determines the quality of the Tenant.

In the interior, ensure the property is thoroughly cleaned and any necessary maintenance or repairs are completed.  On the exterior, cut the grass and remove any unnecessary clutter (e.g. recycle or garbage bins).  Strive to improve the curb appeal, to make a good first impression in your photos and during Showings.

If you have an existing Tenant living in the property, there is only so much that you can do.  If they have given proper notice to vacate, they are obligated to cooperate with the listing/showing process.  However, that doesn’t mean that they will necessarily keep the rental unit in the condition that you expect for Showings, nor are they obligated to (they have a right to quiet enjoyment).

The best course of action with existing Tenants would be to ask them politely to help you out, by keeping their unit clean and decluttered.  During showings, inform the candidate that the unit will professionally cleaned and list the repairs and upgrades that will be completed before they move in.  The rental unit may not show well with a Tenant living there, but potential applicants may look past that if they know that it will be in good condition when they take possession.

2. Professional Photography

Hire a professional photographer to take high-quality photos. Good lighting and angles can make a significant difference in how attractive the property appears in listings. 

Professional photos will help you to stand out in the crowd compared to competing rental listings in the area.  A good set of professional photos will cost approximately $150.00, but you’ll have them on hand for future listings.

3. Set a Competitive Rental Rate

Research similar properties in the area to understand the going rental rates. Online platforms like Facebook Marketplace, Realtor.ca and Kijiji.ca can provide insights into local market conditions.

Be realistic in your expectations.  Rental rates are market-driven, not cost-driven.  This means that rental rates are determined by the characteristics of the local market, not your monthly carrying cost of the property.

At a basic level, the rental rate must be comparable to similar units available for rent in your market. 

You must also consider affordability.  What can Tenants realistically afford to pay for rent in your area?  Consider their lifestyle and other expenses they are juggling, such as: Utilities, fuel, groceries, car payments, etc?

Determining a correct rental rate is not an exact science.  It’s more like an educated guess.  The key is to be aware of the feedback you’re receiving and adjust accordingly.  For example, if the rental rate is too high, there will be very little interest in the property.  You should try reducing the price to stimulate traffic on your listing.

4. Create a Compelling Listing

Write a detailed description highlighting the property’s features, amenities, and any unique aspects. Include information on nearby schools, public transport, shopping centers, and other local amenities.

Also include details about what information the candidate needs to provide as part of the application process.  For example, we require ‘recent proof of income, a recent Credit Report and Photo ID’.

Avoid application requirements that are unreasonable or could be seen as discriminatory or illegal.  Do some research ahead of time, to ensure that you comply with Ontario Laws.

5. Advertise Online

Once you’ve created a compelling listing and obtained a great set of photos, it’s time to put it all together and create your rental Ads.

Today, it’s easier than ever to reach your ideal Tenant candidates.  Most of the advertising options are free of charge and reach a large audience depending on where you’re located.  There are also a couple of paid-advertising options, that can achieve a larger targeted reach. 

What are some of the best advertising platforms?

  • Facebook Marketplace
  • Local Facebook rental pages
  • Kijiji.ca
  • Rentals.ca and similar platforms

There are also a few platforms that provide a wider reach, but come with a cost:

  • Realtor.ca (MLS) – usually will need a Realtor to list the property for you.  Commissions are as high as One Month’s Rent.
  • Rhenti.com – this platform syndicates your ads across many rental platforms at a reasonable cost.

6. Spread the word within your network

Inform friends, family, and colleagues that you have a rental property available. Personal referrals can be very effective.  You likely know someone that knows someone that’s looking for a place.

7. Signage on the Property

If the property is located on a high-traffic street, then a high-quality sign is a great way to raise awareness about your listing.  Reach out to a local sign shop to have a simple yet professional sign made for you.  The cost is minimal and will look much more professional that a hand-written one.

8. Monitor Response Rates

Once your Ads are posted, you should start to receive enquiries immediately.  The amount of traffic that you receive is a good indicator of how well you are positioned in the market.  If you only receive a trickle of interest, then your rental rate might be a little high or you might need to expand your reach with paid advertising.  Monitor the traffic for one to two weeks, then adjust accordingly.

9. Respond quickly and in a professional manner

Finding a great Tenant is a competitive game.  Every other Landlord wants them, so you need to move fast to get them before they do. 

Your response should be polite and professional, more like business communication as opposed to chatting with a friend.  In the early stages, avoid phone calls and stick with written communication with the candidate, at least until you meet them for a Showing.

One important note: You must avoid getting sucked into the drama in someone’s life.  You’ll have people send you long explanations about their situation, which can be a red flag.  Some of their stories can be heartbreaking and you will naturally want to help.  But you must remember that the drama is usually a pattern in that person’s life and will eventually affect you and your rental business.  Best course of action is to not respond and move on.

10. Start your Tenant Screening process

The moment that you connect with a potential candidate is the moment that your Tenant Screening process starts.

You can learn more about our process for effectively screening and selecting a potential Tenant HERE.

Conclusion

Attracting the right Tenant for your property begins with creating a high-quality Listing that will set you apart from the competition.  It does take extra effort and some expense, but the quality of your Listing will have a direct impact on the quality of your applicants.

Successful Landlords get Help

As every Landlord knows, being a Housing Provider is both rewarding and challenging.  At times, it can feel like a rollercoaster of emotion, as things can go from calm to crisis at any moment.  It can be difficult to manage the fluctuating demands of the property, especially with all the other demands in your life.

On a daily basis, we see Landlords that are overwhelmed, discouraged, frustrated and tired.  This state of mind can create a downward spiral of procrastination, indecision and indifference, which can damage their relationship with their Tenant and negatively impact the financial performance of the property.

It doesn’t have to be this way!  

The most successful Landlords realize that they can’t do it all themselves.  They get help with the most critical elements of the rental business by building a team of experienced professionals that can handle any challenge.

Where do Landlords need help the most?

1. Finding high-quality Tenants

Finding a good Tenant is your highest priority as a Housing Provider, but most Landlords don’t have the time, patience or tools necessary to do it properly.  This can lead to short-cuts and bad decisions when it comes to choosing a Tenant.

Getting help with finding a Tenant will pay off in many ways.  For example, a Property Manager will do the legwork of vetting candidates and present you with the best potential Tenant.  This will save you time, effort and the stress associated with finding the right fit for you and your property.  A good Property Manager will also stand behind their Tenant selection by offering a guarantee to reduce your risk.

Learn more about our Tenant Screening process HERE.

2. Maintenance and Repairs

Being a Housing Provider means that you’re on-call 24/7 for your Tenants. 

As a Landlord, it’s important that you be responsive and proactive when it comes to maintenance and repairs.  This can be a challenge for some Landlords, as they might not have the experience or expertise to know what to do, or they may not live anywhere near the property.

Ideally, you should have a network of contractors and trades at your disposal, including:

  • A Plumber
  • An Electrician
  • HVAC Contractor
  • Hot Water Tank Technician
  • A Roofer
  • A Handyman for minor repairs
  • Lawn and Garden Contractor

Of course, you can’t predict every issue, but having these contractors at your fingertips will cover 95% of the issues that arise.  Another option is to hire a Property Manager, as they already have a network of contractors in place and can respond quickly when the need arises.

3. Doing things “correctly” as a Landlord

What do I mean by ‘correctly’?

Owning a rental property and being a Landlord is a business.  You’re offering a product to the market (your rental unit), to solve a need (Housing) in exchange for money (Rent) to a Customer (Tenant).  Like any business, there are certain rules, protocols and standards, either real or implied, that must be done correctly for a business to be successful.

This is even more critical in the rental business, as Housing plays such an important role in your Tenant’s life (and all of Humanity for that matter).  I would go as far as to say that Housing forms the foundation of our Society.

What should be done correctly?

In our interactions with Tenants:

Operationally:

  • What Notices to serve and how to serve them
  • Notice of Entry
  • Tenant’s right to quiet enjoyment
  • Rent Increases
  • Inspections and Fire Safety
  • Requirements under the Residential Tenancies Act

Where can you get help?

4. Legal Representation

Sometimes things just don’t go right.  That’s the reality and risk of being a Housing Provider.

When things do go wrong, it’s important that you take swift and correct action, so that the problem doesn’t escalate.  For example, if a Tenant stops paying their rent, or has damaged their unit, or has a dispute with a neighbouring Tenant, swift action is needed to correct the problem and hopefully get things back on track.

Depending on the situation, it can be difficult to know what the correct action is.  Most Landlords end up guessing and blundering their way through it, which often makes things worse.

The correct course of action in any situation is to not guess, but to get help or advice from someone with experience.  A Property Manager can help, but a good Paralegal is also an essential part of your team.  Yes, hiring a Paralegal does come at a cost, but it will save you loads of time, money and stress.  An experienced Paralegal is invaluable, as they know how to navigate the legal system, to get issues resolved quickly and efficiently.

One other thing to consider: If the issue does go to a hearing at the Landlord and Tenant Board, the Tenant will be provided Duty-Council free of charge.  That means that you’ll be pleading your case against an experienced Paralegal.  This can put you at a disadvantage as they know the laws and how to navigate the system for the benefit of the Tenant.

Conclusion

Getting help with key elements of the rental business is critical for success as a Landlord.  Trying to do everything yourself might save you money in the short-term, but can end up costing you lost time and money and increased stress.  Get professional help and keep your rental business on the right track!